Guangxi Softto Group Co., Ltd. agreed to acquire Guangzhou Anglecare Cosmetics Co., Ltd. from Teamax Smart City Technology Corporation Limited (SZSE:000662) for approximately CNY 340 million on January 6, 2017. On January 25, 2017, Teamax Smart City Technology Corporation signed an equity transfer agreement with Guangxi Softto Group Co., Ltd. Guangxi Softto Group Co., Ltd. was selected as buyer as it was the sole qualified intent acquirer. Guangzhou Anglecare Cosmetics Co., Ltd. had total assets of CNY 465.8 million and shareholders' equity of CNY 301.6 million as on June 30, 2016. This transaction needs to be approved at the shareholders’ meeting of Teamax Smart City Technology Corporation Limited. On January 25, 2017, Teamax Smart City Technology Corporation Limited held the 15th session of the 8th directorate and approved the transaction. As of May 19, 2017, the transaction was approved by the shareholders of Teamax Smart City Technology Corporation Limited. Haitong Securities Co., Ltd. (SHSE:600837) acted as the financial advisor, Beijing Highsrun Law Firm acted as the legal advisor and Asia Pacific CPA (Group) Co., Ltd acted as the accountant to Teamax Smart City Technology Corporation Limited. Guangxi Softto Group Co., Ltd. completed the acquisition of Guangzhou Anglecare Cosmetics Co., Ltd. from Teamax Smart City Technology Corporation Limited (SZSE:000662) on June 9, 2017.